Buying a home is an exciting milestone, but if you’re new to Australia, securing a mortgage can feel overwhelming. Thankfully, many immigrants are eligible to buy property, including accessing home loans and, in some cases, government grants, provided certain criteria are met. Here’s what you need to know about getting a mortgage as an immigrant.
How Long Do You Need to Be in Australia?
There’s no fixed time requirement for being in Australia before applying for a mortgage, but lenders typically want to see evidence of stability. Most banks prefer that you’ve been employed in Australia for at least 3–6 months. Having permanent residency (PR) significantly boosts your chances, though some lenders offer mortgages to temporary visa holders on case-by-case terms.
Visa Status Matters
Your visa type plays a big role in eligibility. Permanent residents are generally treated the same as Australian citizens by lenders. Temporary visa holders, such as those on 482, 491, or 485 visas, may still be eligible but might need a higher deposit, often 20% or more, and may face stricter lending criteria.
What Documents Will You Need?
To apply, you’ll need:
- Proof of identity (passport, visa)
- Employment and income details (payslips, contract)
- Australian bank statements
- Credit history (local or international if available)
A good Australian credit score helps but isn’t always essential, especially if you have a strong financial background overseas.
Can You Access the First Home Owner Grant?
Permanent residents may be eligible for the First Home Owner Grant (FHOG), stamp duty concessions, and other state-based schemes. However, temporary residents are generally not entitled to these benefits unless buying jointly with an Australian citizen or permanent resident. Always check eligibility on your relevant state government website.
Get Expert Advice
Navigating home loans as a migrant can be complex, so consider speaking with a mortgage broker who specialises in helping immigrants. They can match you with lenders who understand your visa situation and financial goals.
Ready to explore your options? Contact Australian Visa Advice to ensure your visa and residency status are on track for home ownership success.
